Textile Industry Hopeful Of Business Boom Under New Government
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Local textile manufacturers are anticipating a rebound in their operations following policies outlined by the Trade and Industry Minister, Alan Kyerematen.
To this end, the manufacturers are hopeful they can face competition from imported textiles and pirated products.
Among the key agenda for the NPP government is to make Ghanaian businesses more competitive with counterparts across Africa and at the global market level.
In line with this, the Trade and Industry Ministry has among other things pledged its commitment to ease access to credit and cut down taxes. The two factors plus the high utility tariffs have increased the operational costs for local manufacturing companies.
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But the Marketing Director at GTP, Stephen Kofi Badu believes Mr. Kyerematen’s past experience in the garment industry would translate in strengthening the local textile manufacturing sector.
“We are looking forward to the day when the local manufacturers will begin to boom again where we will produce our own textiles locally and consume it. We want the promises made by the minister be quickly implemented. Top of that is for him to reduce the utility rates, specifically electricity and water. That if they are able to do will go a long way to affect our profitability.” Stephen Badu was also confident of the Minister’s ability to clamp down all undue competition and render them productive.
“We also want him to really help us with fellow minister for finance to empower CEPS. They are the state authority mandated to check our borders and all these counterfeits come through the borders. So if they are able to tighten control at the borders, hopefully it should help minimize the effects of counterfeit.”
Last year, GTP laid off 178 workers over operational challenges. The affected staff comprised 138 permanent and 40 casual workers.
The company’s Marketing Director attributed the situation to a restructuring of the company’s operations to sustain its viability.
By: citifmonline.com
